Share Market Highlights 11 August, 2023: Sensex and Nifty extend losses for second consecutive day amid banking woes

Benchmark equity indices Sensex and Nifty declined for a second straight day on Friday due to losses in HDFC Bank and ICICI Bank and a negative trend in Asian and European markets.

The trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system.

BSE Sensex fell by 365.53 points or 0.56 per cent to settle at 65,322.65. During the day, it tanked 413.57 points or 0.62 per cent to 65,274.61.

The NSE Nifty declined by 114.80 points or 0.59 per cent to end at 19,428.30.

The rupee depreciated by 19 paise to settle at 82.85 (provisional) against the US dollar on Friday amid weak sentiment in the equity markets and a strong dollar against major rivals overseas.

Foreign fund inflows and softening crude prices, however, supported the Indian currency even as investors were awaiting India’s industrial output number, to be released later in the day, said analysts.

PNC Infratech reported its net profit for the quarter ended June 30, 2023, at ₹156.58 crore as against ₹166.54 crore in the previous year. The stock declines by 1.90% on the NSE, trading at ₹351.25.

Jindal Saw Ltd’s stock declines by 2.75% on the NSE, trading at ₹339.35. The company reported its net profit for the quarter ended June 30, 2023, at ₹276.80 crore as against ₹28.09 crore in the previous year.

Kalyan Jewellers stock surges by 11.27% on the NSE, trading at ₹201.95.

Alkem Laboratories stock tumbles by 7.67% on the NSE, trading at ₹3,823.95.

Top gainers from FMCG sector on NSE are:

• Varun Beverages (3.79%)
• Emami Ltd (1.19%)

Top losers are

• United Spirits (-2.05%)
• Procter & Gamble Hygiene and Health Care Ltd (-1.88%)

VA Tech Wabag Limited reported its net profit for the quarter ended June 30, 2023, at Rs 47 crore as against Rs 25.5 crore in the previous year. The stock inches up by 0.79% on the NSE, trading at Rs 518.80.

Stocks advanced on BSE at 3 pm on August 11 were 1,568 against 1,995 stocks that declined. Total stocks traded were 3,703. The number of stocks that recorded a 52-week high 200, and those that hit a 52-week low was 24.

Major gainers on the NSE at 3 pm:

• HCL Tech (3.37%)
• Titan (1.10%)
• Power Grid (1.05%)
• Reliance (0.62%)
• Adani Ports (0.32%)

Major losers:

• IndusInd (-2.37%)
• SBI Life Insurance (-1.94%)
• Sun Pharma (-1.53%)
• Hindalco (-1.52%)
• Tata Consumers (-1.50%)

Dredging Corporation of India Ltd reported its net profit for the quarter ended June 30, 2023, at ₹15.15 crore as against loss of ₹14.18 crore in the previous year. The stock surges 3.9% on the BSE, trading at ₹380.60.

Satin Creditcare Network Limited (SCNL) has announced the appointment of Manoj Agrawal as Deputy Chief Financial Officer, who will eventually assume the role of Chief Financial Officer (CFO) post superannuation of current CFO, Rakesh Sachdeva, in June 2024. The company’s stock drops by 1.92% on the NSE, trading at ₹220.20.

Divgi Torqtransfer Systems Limited has bagged an order Mahindra Group of Companies for supply of products for EV models. The order is value at ₹219 crore. Divgi’s stock surged 8.79% on the NSE, trading at ₹867.30.

Tilaknagar Industries Limited has announced the prepayment of its restructured debt to Edelweiss Asset Reconstruction Company (EARC), signaling the end of the financial reconstruction phase for the company.

Accordingly, the total restructured debt of Rs. 176.22 crore as on June 30, 2023, now stands extinguished. The stock gained 1.7% on BSE, trading at Rs 197.

Kamat Hotels reported its net profit for the quarter ended June 30, 2023, at Rs 1.36 crore as against Rs 7.07 crore in the previous year. The stock slides down by 0.17% on the NSE, trading at Rs 200.05.

IRCTC shares rise by 2.25% on the NSE. The stock is trading at ₹661.

​Indian Overseas Bank (IOB) ​stock surges 11.13% on the NSE, trading at ₹29.95. CARE Ratings has assigned fresh rating of CARE A1 + (A One Plus) to the bank’s proposed certificate of deposits of ₹10,000 crore.

Dhruv Consultancy Services Limited reported its net profit for the quarter ended June 30, 2023, at ₹88.52 lakh as against ₹44.56 lakh in the previous year. The stock inches up by 0.77% on the NSE, trading at ₹52.50.

“For ITC, the reorganisation will sharpen capital allocation, improve asset efficiency ratios, unlock value for its shareholders as well as enable leveraging of institutional synergies,” Sanjiv Puri, Chairman, ITC, said at the 112th AGM meeting of the company held today.

Last month, ITC board accorded in-principle approval to demerge the hotels business. Under the scheme of arrangement, ITC will hold a stake of about 40 per cent in the new entity and the balance 60 per cent will be held directly by its shareholders proportionate to their shareholding in the company.

Hi-Tech Pipes Limited informed the exchange that Anish Bansal has resigned from the postion of the company’s Chief Financial Officer and will continue to act as a Whole Time Director. The company reported its net profit for the quarter ended June 30, 2023, at ₹6.58 crore as against ₹3.5 crore in the previous year. The stock tumbles 4.24% on the NSE, trading at ₹75.70.

BEML reported its net loss for the quarter ended June 30, 2023, at ₹74.64 crore as against ₹82.33 crore in the previous year. The stock declines by 1.15% on the NSE, trading at ₹1,958.60.

Vinati Organics reported its net profit for the quarter ended June 30, 2023, at Rs 83.23 crore as against Rs 101.19 crore in the previous year. The stock falls 1.84% on the NSE, trading at Rs 1,828.

Royal Orchid Hotels’ promoter Chander K Baljee has withdrawn a proposal to lend Rs 15 crore to the company. Baljee withdrew the loan offer based on feedback from market and in the interest of corporate governance, the company said.

The proposal was listed as item no. 2 of the postal ballot notice (dated July 18, 2023).

Royal Orchid Hotels is required to pay Rs 34 crore for the acquisition of the 48.93 per cent shares of Icon Hospitality and had planned to make available Rs 19 crore out of the internal accruals and borrow Rs 15 crore from the promoter for short-term.

Since the promoter has withdrawn the loan offer, the company now is planning to go to institutions for the funds. The company’s stock is down 1% at Rs 304 on BSE.

Allcargo Logistics Ltd on Friday reported 54 per cent fall in consolidated Profit After Tax (PAT) at Rs 119 crore for June quarter 2023-24, per a PTI report.

In the year-ago period, the PAT was at Rs 260 crore, the company said in a statement.

Revenue during the quarter under review fell a steep 40 per cent at Rs 3,271 crore as against Rs 5,474 crore in Q1FY23, it said.

The stock is trading flat at Rs 295 on BSE.

On MCX, gold October futures were up by ₹63 at ₹58,916 per 10 gm. Silver September futures gained ₹7 at ₹69,998 a kg.

Major gainers on the BSE at 2 pm are:

• GMM (10.69%)
• IOB (10.13%)
• PTC (10%)
• Kalyan Jewellers (9.56%)
• Kirloskar Oil Engines (8.86%)

Major losers:

• Hindware Home Innovation (-13.21%)
• UTI (-9.96%)
• Sequent Scientific (-7.97%)
• Alkem Laboratories (-7.11%)
• Apollo Tyres (-6.39%)

Deccan Cements reported its net profit for the quarter ended June 30, 2023, at ₹14.14 crore as against ₹20.67 crore in the previous year. The stock declines by 0.26% on the NSE, trading at ₹496.75.

In Asian trade, gold continues to rule below $1,920 an ounce. The yellow metal was last quoted at $1,918.38 an ounce. Silver was ruling at $22.75 after having dropped below $23 an ounce.

Indus Towers Limited’s shares were up by 1.57 per cent after the company announced the achievement of a milestone, surpassing 2,00,000 macro towers deployed across all 22 telecom circles in India.

Raymond reported its net profit for the quarter ended June 30, 2023, at ₹43.19 crore as against ₹61.81 crore in the previous year. The stock inches up by 0.88% on the NSE, trading at ₹1,990.

Shares of Supreme Industries, REC and Ashok Leyland jumped on Friday after the announcement that they will be added to the MSCI India Index.

Shares of Supreme Industries climbed 16.25 per cent to reach its 52-week high of Rs 4,480 on the BSE.

The stock of REC jumped 6.48 per cent to its 52-week high of Rs 230.70.

Ashok Leyland gained 2.55 per cent to hit its one-year peak of Rs 191.

Cochin Shipyard stock inches up by 0.99% on the NSE, trading at ₹665.45. The company reported its net profit for the quarter ended June 30, 2023, at ₹145.12 crore as against ₹65.40 crore in the previous year.

Chemplast Sanmar stock rises 2.14% on the NSE, trading at ₹446.25. The company on Thursday inaugurated the first phase of the new multi-purpose production block project, set up at an investment of around ₹300 crore by the Custom Manufactured Chemicals Division of the company.

CDG Petchem informed the exchange about the commencement of the commercial production of PE wax processing at Vapi, Gujarat.

TTK Prestige Limited reported its net profit for the quarter ended June 30, 2023, at ₹50.47 crore as against ₹57.63 crore in the previous year. The stock declines by 1.11% on the NSE, trading at ₹773.90.

Wonderla Holidays reported its net profit for the quarter ended June 30, 2023, at ₹84.47 crore as against ₹64.37 crore in the previous year. The stock surges by 3.94% on the NSE, trading at ₹643.90.

In its August review, MSCI, the index provider, added eight Indian companies to its MSCI Global Standard Index, effective September 1. The newly included stocks are Power Finance Corporation (PFC), REC, HDFC AMC, IDFC First Bank, Astral, Cummins India, and Supreme Industries, while ACC has been excluded from the index. This move did not have any impact on the shares today.

Europe markets are trading in the red on open with key indices across Germany, UK, France and Italy trading in the range of -30 to -60 bps. This follows largely negative trading in Asian market as well with China’s SSE composite down by 2 per cent for the day.

Japan’s Nikkei 225 was the lone exception, closing in the green.

Weak trading today follows US markets giving up most of their opening gains yesterday. After initially reacting with enthusiasm to marginally better than expected US inflation data for July, the gains fizzled out as bond yields spiked on issuance pressure

Ganesh Benzoplast reported its net profit for the quarter ended June 30, 2023, at ₹13.79 crore as against ₹11.17 crore in the previous year. The stock rises 2.13% on the NSE, trading at ₹175/

Anjani Portland Cement reported its net loss for the quarter ended June 30, 2023, at ₹2.42 crore as against a loss of ₹2.57 crore in the previous year. APCL stock falls by 2.09% on the NSE, trading at ₹197.20.

Manappuram Finance Ltd has reported a consolidated net profit of ₹498 crore in Q1 of FY24, an increase of 20 per cent over the preceding quarter in March 2023. In comparison with the corresponding figure of ₹281.9 crore for Q1FY23, the profit is higher by 76.7 per cent.

The company’s stock trade at ₹148.35 apiece with 2 per cent gain on the NSE.

Zydus Lifesciences reported its net profit for the quarter ended June 30, 2023, at ₹780.9 crore as against ₹331.5 crore. The stock slips down by 0.74% on the NSE, trading at ₹653.

Tega Industries has entered into an agreement worth ₹685.2 crore with the largest copper mine in Europe, to supply, install and manage the company’s mill and non-mill products for the mineral processing plant of the mine. The stock declines 2.73% on the NSE, trading at ₹1,048.50.

India’s factory output growth may have edged down slightly to about 5 per cent in June, several economists said. The government will release the Index of Industrial Production (IIP) data for June 2023 at 5.30 pm on Friday.

Riding on the bullish momentum in Indian equities market and increased interest in the non-government sector for pension cover, the country’s pension assets (NPS and APY) in aggregate recorded a robust 27 percent year-on-year growth in assets under management (AUM) as of August 5 at ₹9.92-lakh crore, latest PFRDA data showed.

Suryoday Small Finance Bank’s first quarter net profit soared 514 per cent year-on-year to ₹47.6 crore against ₹7.8 crore in the year ago period on the back of robust growth in other income, healthy growth in net interest income and decline in provisions and contingencies.

The SFB’s share price surged over 4 per cent to trade at ₹186 on NSE.

Lead prices will likely rule stable in the second half of 2023 despite a nearly 10 per cent decline since the beginning of this year as the market is seen fairly balanced.

Ashapura Minechem stock jumps 15.58% on the NSE, trading at ₹214. The company reported its net profit for the quarter ended June 30, 2023, at ₹42.26 crore as against loss of ₹9.2 crore in the previous year.

Hatsun Agro Product Limited, India’s largest private dairy company, plans to tap new markets to distribute its Arun Icecreams.

Arun Icecreams aims to fortify its position in Seychelles through increased marketing efforts. New markets are looking to be tapped in the US, African and Gulf regions.

The shares of the company trade little changed at ₹1,075.15 on NSE.

Major gainers on the NSE at 12 pm:

HCL Tech (2.98%);

Power Grid (1.10%);

Tata Steel (1.04%);

State Bank of India (0.83%);

Titan (0.75%)

Major losers:

SBI Life Insurance (-1.88%);

Hindalco (-1.56%);

IndusInd (-1.56%);

Sun Pharma (-1.53%);

Tata Consumers (-1.31%)

Stocks advanced on BSE at 12 noon on August 11 were 1,621 against 1,783 stocks that declined. Total stocks traded were 3,569. The number of stocks that recorded a 52-week high 178, and those that hit a 52-week low was 19.

Bank of Maharashtra has revised the Marginal Cost of Funds Based Lending Rate (MCLR) for one year to 8.6% from 8.5%. The stock rises 3.69% on the BSE, trading at ₹37.97.

Mukand Limited reported its net profit for the quarter ended June 30, 2023, at ₹29.51 crore as against ₹28.37 crore in the previous year. However, the stock slips 0.18% on the NSE, trading at ₹168.90.

CMS Info Systems stock rises 1.09% on the NSE, trading at ₹366.70. The company’s promoter Sion Investment Holdings Pte on Thursday divested a 19.4 per cent stake in the company for ₹1,071 crore through open market transactions.

Bank Nifty has declined towards 44,300 in line with our expectation. The index made a low of 44,277.75 in early trade today and bounced slightly from there. It is currently trading at 44,366, down 0.4 per cent.

Deepak Fertilisers And Petrochemicals Corporation Limited, a leading producer of industrial chemicals, mining chemicals and fertilisers in India has announced brownfield expansion of nitric acid at Dahej in Gujarat which is part of its strategic growth journey.

TVS Motor Company has announced the launch of TVS Raider Super Squad Edition (SSE), inspired by iconic Marvel Super Heroes - Black Panther and Iron Man. The stock inches up by 0.57% on the NSE, trading at ₹1,357.25.

Asian Granito India has informed the exchanges that it has purchased the remaining 33,000 equity shares of Amazoone Ceramics (Amazoone), Material Subsidiary of the Company from existing Shareholders, which would result in increase in its stake in Amazoone from 99.89% to 100%. Accordingly, Amazoone Ceramics has become a wholly owned material subsidiary of the company.

The objective of purchase is to further consolidate shareholding of the Company in Amazoone which will enable the Company to effectively control the business operations of Amazoone.

KPI Green Energy Limited reported its net profit for the quarter ended June 30, 2023, at ₹13.32 crore as against ₹23.38 crore in the previous year. However, the stock rises by 2.23% on the NSE, trading at ₹829.95.

Caplin Point Laboratories Ltd has been recognised in Forbes Asia’s 200 Best Under a Billion list for the year 2023. However, the company’s stock declines by 1.93% on the NSE, trading at ₹1,042.60.

Grand Foundry Limited has announced the appointment of Shivani Jain as its Chief Financial Officer (CFO).

Reliance Infrastructure informed the exchanges that it won the arbitration between TK Toll Road Private Limited (TKTR), a wholly-owned subsidiary of the company, and National Highway Authority of India (NHAI), and has been awarded an amount of ₹1,204 crore. Reliance Infrastructure stock rises 1.34% on the NSE, trading at ₹178.2

Kirloskar Oil Engines Limited (KOEL) a leader in the manufacturing of engines, agricultural equipment and generator sets with a sizable presence in international markets, announced today its unaudited financial results for the first quarter June 30, 2023 with standalone revenue at ₹1,265 crore.

The company’s shares surge over 7 per cent on NSE to trade at ₹477.

Mazagon Dock Shipbuilders stock falls by 2.79% on the NSE, trading at ₹1,744.10. The company reported its net profit for the quarter ended June 30, 2023, at ₹286.62 crore as against ₹217.02 crore in the previous year.

Decorous Investment and Trading Ltd.’s shares were down by 5 per cent after the company reported a 0.83 per cent increase in profits for the quarter ending June 30, 2023, at ₹36.64 lakh compared to ₹36.34 lakh during the corresponding quarter last year.

Torrent Power stock declines by 2.61% on the NSE, trading at ₹654. The company informed the exchanges that it had received nod from shareholders to raise up to ₹3,000 crore through issuance of non-convertible debentures on private placement basis.

A Supreme Court ruling earlier this week will bring greater certainty on the tax treatment of Foreign Currency Convertible Bonds (FCCBs), making them more attractive to investors.

On Tuesday, while dismissing a Special Leave Petition by the revenue department against an earlier Bombay High Court judgement, the apex court turned down the department’s assertion that the date of purchasing the bonds should determine the cost of acquisition.

Apollo Tyres stock declines by 4.89% on the NSE, trading at ₹410.45. The company, although, reported a consolidated net profit of ₹397 crore for the quarter ended June 30, a more than double (124%) growth on a y-o-y basis compared with ₹177.3 crore in the corresponding period last year.

Shares of Redtape, demerged entity of Mirza International, were listed in the bourses today.

Pidilite Industries stock inches up by 0.31% on the NSE, trading at ₹2,527.80. The company reported a 32.5% increase in consolidated net profit at ₹473.69 crore for the June quarter.

The Nifty 50 August Futures (19,530) is down 0.34 per cent. As the contract has support around 19,500, it has to rise back sharply from here in order to move back up to 19,600 and higher, and also to avoid a fall below 19,500.

The rupee depreciated by 8 paise to 82.74 against the US dollar in early trade on Friday, tracking a firm dollar against major rivals overseas, per a PTI report.

Analysts said, weak sentiment in the domestic equity market and elevated level of crude prices nearing $87 per barrel also weighed on the domestic unit.

On Thursday, the Reserve Bank of India in its bi-monthly monetary policy review decided to keep key interest rate unchanged, but hinted at tighter policy if food prices drive inflation higher.

Shares of Oriana Power will be listed at NSE SME. The was IPO subscribed 176.58 times. The public issue subscribed 204.04 times in the retail category, 72.16 times in QIB, and 251.74 times in the NII category.

The IPO price fixed at the upper of price band (Rs 115-118) of Rs 118.

The company raised nearly Rs 60 crore by offering 50.55 lakh shares.

Bajaj Electricals Ltd’s shares were down by 2 per cent after the company reported a 9.8 per cent decrease in profit for the quarter ended June 30, 2023, at ₹37.13 crore compared to ₹41.19 crore during the corresponding quarter last year.

Wipro stock slides down by 0.73% on the NSE, trading at ₹415.60. The company’s board approved the appointment of N S Kannan as an additional director in the capacity of independent director for a term of 5 years with effect from October 1, 2023 to September 30, 2028.

GUJARAT MINERAL DEVELOPMENT CORPORATION LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on August 17 ,inter alia, to consider and approve a proposal of upward revision in the rate of dividend recommended for the FY 2022-23.

​Kalyan Jewellers​ is banking on phygital model to drive sales to the next level on its online platform Candere and plans to open 30 physical stores before the end of this fiscal.

The company acquired the online platform in 2017 and it has since been growing at the compounded annual growth rate of 60 per cent.

The company’s stock currently trades 4 per cent higher at ₹188.75 on NSE.

The International Sugar Organisation (ISO) predicted a 2.12 million tonne worldwide sugar shortfall for the forthcoming season, which runs from October to September. According to the organisation representing the sugar industry, the estimated deficit is principally caused by an anticipated decline in production in top producer Brazil and the seasonality of Brazil’s harvest. The ISO also decreased its forecast for a surplus in the current 2022–23 season from 850,000 tonnes to 493,000 tonnes in a quarterly report. It claimed that as a result, its price outlook has changed from neutral to positive over the coming three months.

The world’s sugar production is projected to be 174.84 million tonnes in the coming season, down from 177.02 million tonnes this season, but consumption is only projected to increase by 0.3 per cent to 176.96 million tonnes.

Sangam India stock declines by 7.87% on the NSE, trading at ₹331.45. The company reported its net profit for the quarter ended June 30, 2023, at ₹14.19 crore as against ₹52.5 crore in the previous year.

Major gainers on the NSE at 9:30 am:

HCL Tech (3.57%);

Power Grid (1.59%);

LTI Mindtree (0.90%);

Apollo Hospitals (0.70%);

Tech Mahindra (0.61%)

Major losers:

Hindustan Unilever (-1.24%);

ICICI Bank (-1.03%);

JSW Steel (-1%);

Hindalco (-1%);

Sun Pharma (-0.99%)

Asahi Songwon Colors reported its consolidated net loss for the quarter ended June 30, 2023, at ₹2.69 crore as against profit of ₹6.13 crore in the previous year. The company’s stock is priced at ₹236 on the NSE, down by 2.66%.

Centrum Capital: Promoter Business Match Services created pledge of 48 lakh shares on Aug. 8 and released a pledge of 20 lakh shares on Aug. 9.

Refex Industries: Promoter Sherisha Technologies bought 28,300 shares on Aug. 9.

Zydus Wellness: Promoter Zydus Family Trust bought 52,285 shares on Aug. 8.

Ultramarine & Pigments: Promoters S Narayanan and Daya Sridhar sold 15,000 shares and 20,453 shares respectively on Aug. 9.

Indian equities commenced the day with a subdued tone on Friday, with upbeat sentiment regarding U.S. inflation moderation countering immediate domestic price apprehensions.

The Nifty 50 index displayed a 0.08% drop at 19,526, while the S&P BSE Sensex fell by 0.06%, reaching 65,650 at 9:15 a.m.

Earlier, Wall Street achieved marginal gains due to July’s alleviated U.S. consumer price inflation, fostering expectations of an imminent conclusion to the U.S. Federal Reserve’s rate hike trajectory.

In parallel, the Reserve Bank of India adhered to projected key rates on Thursday, alongside expressing reservations about potential near-term inflation escalation and revising retail inflation predictions for the fiscal year 2024.

Retirement fund body EPFO has invested ₹13,017 crore in exchange traded funds (ETFs) in the April-July period of the current fiscal year, Parliament was informed on Thursday.

Employees’ Provident Fund Organisation (EPFO) invested ₹53,081 crore in ETFs in 2022-23, ₹43,568 crore in 2021-22 and ₹32,071 crore in 2020-21, according to a written reply to the Rajya Sabha by Minister of State for Labour and Employment Rameswar Teli.

The TRs 880-crore initial public offering of TVS Supply Chain Solutions, which opened on Thursday witnessed good response from retail investors. The Initial Public Offer (IPO) of TVS Supply Chain Solutions, part of TVS Mobility Group, was subscribed 55 per cent on the first day of subscription on Thursday. The IPO received bids for 1.38 crore shares against 2.51 crore shares on offer, according to data available with the exchanges. The price band fixed at ₹187-197. The bid will close on August 14 and can be made for a minimum of 76 equity shares.

Sigachi Industries acquired 80 per cent stake in API manufacturing company, Trimax Bio Sciences, Raichur, Karnataka. The board has approved the acquisition of 2.88 crore equity shares of ₹10 each constituting 80 per cent of paid-up equity share capital in Trimax Bio Sciences Private Ltd for ₹100 crore and proposal for further acquisition of the balance 20 per cent after 3 years for ₹25 crore.

HSBC on PI Ind: Maintain Buy on Company, raise target price at Rs 4300/sh

HSBC on Berger Paint: Maintain Buy on Company, raise target price at Rs 790/sh

Jefferies on Grasim: Maintain Buy on Company, raise target price at Rs 2270/sh

MS on HCL tech: Maintain Overweight on Company, raise target price at Rs 1200/sh

MS on Manappuram: Maintain Overweight on Company, target price at Rs 183/sh

MS on Reliance: Maintain Overweight on Company, target price at Rs 3000/sh

CLSA on Zee Ent: Maintain Buy on Company, target price at Rs 300/sh

BofA on Zee Ent: Maintain Buy on Company, target price at Rs 415/sh

CLSA on SAMIL: Maintain Buy on Company, target price at Rs 124/sh

Jefferies on SAMIL: Maintain Buy on Company, target price at Rs 115/sh

Macquarie on Concor: Maintain Equal weight on Company, target price at Rs 620/sh

Macquarie on Page Ind: Maintain Underperform on Company, target price at Rs 30000/sh

Nomura on Berger Paints: Maintain Reduce on Company, target price at Rs 600/sh

MS on Berger Paints: Maintain Equal weight on Company, target price at Rs 630/sh

HSBC on Thermax: Maintain Reduce on Company, target price at Rs 1780/sh

MS on Grasim: Maintain Overweight on Company, target price at Rs 1985/sh

MS on Aarti Ind: Maintain Equal weight on Company, target price at Rs 458/sh

MS on Bajaj Elect: Maintain Underweight on Company, target price at Rs 905/sh

Replying to the debate on the no-confidence Motion in Lok Sabha, the Prime Minister Narendra Modi on Thursday said in jest that stock market investors should invest in PSUs such as HAL, LIC, which were criticised by the Opposition in the past.

Speaking about LIC’s mega IPO and listing, Modi said, “They said many things about LIC that the money of the poor will sink but today LIC is getting stronger.”

ABB, ACE, ACI, Apollo Hospitals, Astral, Atul Auto, Balu Force, Bombay Burmah, BEML, BF Utilities, BGR Energy, Binny Mills, Camlin Fine, Capacite, Carysil, City Union Bank, Cochin Shipyard, Coffee Day, DB Realty, Dredging Corp, Elgi Equip, GEPIL, Glenmark Pharma, Godrej Industries GRSE, HAL, HBL Power, HEG, IRFC, ISGEC, JAI Corp, Jamna Auto, Jindal Saw, Jindal Steel, Kitex, Marksans Pharma, MSTC, MTNL, Muthoot Finance, National Aluminium, Nauru, NCL Ind, NHPC, NIIT, NMDC, Nykaa, ONGC, Patanjali, PFC, Pfizer, PNC Infra, Ramco Ind, RCF, Renuka, Rel Infra, Rupa, SpiceJet, Sunlife Iron, SUN TV, Surya Roshni, Tarsons, TEGA, Tide Water, TV Today, Uttam Sugar, Voltas, Wabag, Wonderl, Zydus Life and others

Aditya Birla Group flagship Hindalco Industries, and Texmaco Rail & Engineering on Thursday entered into a strategic alliance and announced a Rs 200 crore investment to develop and manufacture aluminium rail wagons and coaches that will help the Railways achieve emission goals and boost operating efficiency.

CMS Info Systems promoter Sion Investment Holdings Pte on Thursday divested a 19.4 per cent stake in the company for ₹1,071 crore through open market transactions. Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, Societe Generale, Public Sector Pension Investment Board, Abu Dhabi Investment Authority Stable, Nomura, Massachusetts Institute of Technology and Goldman Sachs were the buyers of the shares.

Indian shares are poised for a quiet beginning on Friday, as positive sentiment regarding U.S. inflation moderation offsets immediate worries about domestic prices. The GIFT Nifty on the NSE International Exchange showed a marginal uptick. Wall Street registered slight gains after U.S. consumer price inflation eased in July, fueling expectations of a nearing end to the U.S. Federal Reserve’s rate hikes. The Reserve Bank of India maintained key rates as projected, while expressing concerns about near-term inflation escalation and revising retail inflation forecasts for fiscal 2024.

HCL Tech, Medanta, DLF, Wipro, CMS Info, Hindalco, Texmaco Rail, Chemplast Sanmar, Sigachi Industries, ABB, Apollo Hospitals, BEML, BF Utilities, CUB, Coffee Day, GRSE, HAL, IRFC, Jindal Saw, MSTC, MTNL, Muthoot Finance, National Aluminium, NHPC, NMDC, Nykaa, ONGC, Patanjali, PFC, SpiceJet, SUN TV

Motilal Oswal Financial Services:

PI Industries: CSM business drives earnings

- PI recorded a strong growth in 1QFY24 (revenue up 24% YoY to INR19.1b), led by robust growth in the CSM business (revenue up 33% YoY); however, the domestic business again witnessed muted growth (down 13% YoY). EBITDA margin expanded 210bp YoY to 24.5%, led by operating leverage and a favorable product mix

- Export (CSM)/domestic agchem revenue grew 33%/declined 13% YoY to INR15.2b/INR3.5b in 1QFY24. Export revenue was driven by strong volume growth of 29% and ~4% from favorable price and currency movements, and a better product mix. Domestic revenues were subdued due to delayed monsoon, leading to a ~13% YoY decline in volume.

- Pharma revenue stood at INR443m, i.e., ~3% of total revenue in 1QFY24 with gross margins at 75%.

Power Finance, Astral, IDFC First Bank, Cummins India, HDFC Asset Management, Ashok Leyland, Polycab India and Supreme Industries have all run up over the recent past and have investor attention.

The increase in market cap has put the stocks on active manager radars and could also result in the stocks being added to global indices in the near future.

Cumulative excess volume has moved up on all stocks with the exception of Ashok Leyland. The increase in some stocks has been gradual while others have moved higher in spurts.

Most stocks have shown an increase in traded volume over the last few months, but the trend in delivery volumes differs across stocks.

-- Brian Freitas, analyst who publishes at Smart Karma

Capital markets regulator SEBI on Thursday proposed to increase the threshold to at least Rs 500 crore from the current Rs 100 crore for the outstanding long-term borrowings for identifying any entity as ‘Large Corporates’ (LC).

In addition, it has suggested discarding the requirement of credit rating as a criterion for identifying an entity as LC and abolishing penal provisions for non-compliance with the borrowings rule by the LC, according to a consultation paper.

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MSCI India SmallCap index saw 41 additions and exit of NIIT and BEML Land.

The 41 additions are ACC, Aether Industries, Ami Organics, Anand Rathi Wealth, Avalon Tech, Chennai Petroleum, Dreamfolks Services, Five-Star Business, GE T&D, Genus Power, Glenmark Life Sciences, Gravita India, HBL Power Systems, Hindware Home, ICRA, Jupiter Wagons, Kalyan Jewellers, Kirloskar Brothers, Kirloskar Pneumatic, Marksans Pharma, MIDANI, MRS Bectors Food, Nava, Neuland Lab, Newegen Software, Nexus Select Trust, Patel Engineering, PTC Industries, Schneider Electric Infra, Shivalik Bimetal Controls, Star Health & Allied,Sula Vineyards, Tamilnad Mercantile Bank, TD Power Systems, Tega Industries, Titagarh Rail, Ujjivan Financials, Vesuvius India. Voltamp Transformers and Zen Technologies.

Similarly, HDFC Asset Management Company has been added MSCI India Index and deleted ACC.

MSCI added Ashok Leyland, Astral, Cummins India, HDFC Asset Management Company, IDFC First Bank, Power Finance Corporation, REC and Supreme Industries while Adani-owned ACC has been excluded from its MSCI Global Standard India Index.

STATUS QUO ON ADANI GROUP

“In light of continued uncertainty with the free float of Adani Group and associated securities within the MSCI ACWI IMI Indexes, MSCI will not implement any changes in the Foreign Inclusion Factor (FIF) or Number of Shares (NOS) for the related securities as part of the August 2023 Index Review and until otherwise announced” it said

The short-term outlook is bullish for KRBL. The stock has been moving up well since July beginning this year. There is an important resistance at ₹428.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, and SBI

Asia’s stock market witnessed a varied performance subsequent to the stable closure of US stocks on Thursday. Investors juggled moderating inflation with the likelihood of sustained high interest rates. Australian shares initiated with a decline, while futures for Hong Kong equities exhibited an upward trend. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.2% lower and headed for a 1% weekly loss.

Also, investors will be closely monitoring the yen, as the Japanese currency declined to its lowest level against the euro in 15 years and approached the 145.00 mark against the dollar on Thursday.

Wall Street’s major indexes end flat, relinquishing early gains despite mild inflation data. Investors worry about long-term U.S. economic prospects and tech valuations, raising questions about further stock growth. The S&P 500 gained 1.34 points, or 0.03%, to end at 4,469.05 points, while the Nasdaq Composite gained 16.39 points, or 0.12%, to 13,739.06. The Dow Jones Industrial Average rose 50.28 points, or 0.15%, to 35,173.64.